Set Instant Pot to high sauté. Add ground beef, break it up, and cook until deeply browned, about 6 minutes. Remove beef to a plate, leaving a tablespoon of fat in the pot.

Add onion and bell pepper to the pot. Cook 4 minutes until softened, then add garlic and cook 30 seconds more.

Stir in tomato paste, chili powder, cumin, smoked paprika, and oregano. Cook 1 minute, stirring constantly, until fragrant. Pour in broth and scrape the bottom of the pot to lift any browned bits.

Add crushed tomatoes, both beans, and the browned beef with its juices. Stir well. Lock the lid, set valve to sealing, and pressure cook on high for 15 minutes. Allow a 10-minute natural release, then vent remaining steam.

Stir the chili, taste and adjust salt and pepper, then ladle into bowls. Top with sour cream, shredded cheese, or cilantro and serve hot.